Mogo Launches New Digital Account on Journey to Build Digital Banking Experience in Canada

Mogo Finance Technology announced just today the launch of its new Mogo Account and iOS mobile app, setting a new standard for what consumers expect to receive regarding a digital banking experience.

With a three-minute account opening experience and instant access to three innovative products, including a free credit score, the first official free credit score in Canada that will be available with free monthly updates, Mogo has reached an impressive milestone during its pursuit to build the best digital banking experience in Canada.

Similar to many other industries, banking is facing the ever-expansive digital disruption. Consumers, led by the millennial generation, are looking for convenient digital access to products that make it easier for them to manage and control their finances more efficiently.

Opening a MogoAccount is totally free and offers consumers instant access to three innovative products with zero impact to their credit score.

The three innovative products include:

1. Canada’s first free credit score with free monthly updates;
2. A free spending account with no monthly fee, accessible through a free Platinum Prepaid Visa^® Card;
3. An instant pre-approval on a personal loan for those who need credit.

“As we all get used to experiences like UBER, we’re now expecting the same speed, convenience and value in the other important areas of our life, like our finances. To date, we’ve invested over $120 million in our platform. This has enabled us to build a quicker experience, like opening an account in a fraction of the time that it takes to open a bank account, while giving people immediate value, such as instantly finding out their credit score—all for free,” explained David Feller, Founder and CEO of Mogo. “Our goal is to build the best digital banking experience in Canada and eventually offer all the products you need to manage your financial health, all digitally, and with far less fees than what the banks and even credit unions charge. Our new MogoAccount and mobile app are a key milestone on this journey.”

“We know that Mogo’s mission is to build the best digital banking experience, providing innovative products that are disrupting the market to bring value to Canadians,” said Chris Briggs, Chief Marketing Officer at Equifax Canada. “We’re excited to partner with them to bring a free credit score, the first available with free monthly updates, to consumers. This is an exciting innovation for the Canadian market.”